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- End of Court Year Case Digest: Irish Insolvency & Restructuring Judgments
As another Irish Court year will soon commence, now is an opportune time to look back at some of the more interesting insolvency and restructuring judgments to have been delivered in the Superior Courts during the last 12 months. The judgments explored below will prove of relevance and importance to practitioners and clients navigating distressed corporates and assets over the coming weeks and years. Please do get in touch with your Walkers Ireland Insolvency and Dispute Resolution contact or any of the contacts listed below with any comments or queries. Please see full Article below for more information.
- Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022
The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (the “2022 Act”) was commenced on 16 May 2022. The introduction of the 2022 Act ensures that providers and servicers of hire purchase products including personal contract plans (PCP), consumer hire, and a broader range of credit, will now need to be authorised by the Central Bank of Ireland (the “CBI”). Please see full Update below for more information.
- Central Bank Publishes Outsourcing Register - Submission Requirements
The Central Bank of Ireland has published guidance notes and submission templates on the new outsourcing registers that regulated financial services providers are expected to establish and maintain. For any entities that are required to submit registry information to the Central Bank, details of outsourcing arrangements in place as of 31 December 2021 must be submitted via the online reporting system by close of business on 7 October 2022. Please see full Article below for more information.
- Central Bank of Ireland - Anti-Money Laundering Bulletin for the Funds Sector
Having recently conducted a number of anti-money laundering, counter financing of terrorism and financial sanctions (“AML/CFT/FS”) supervisory engagements with Funds and Fund Management Companies (“Firms”), the Central Bank of Ireland (“CBI”) has published a bulletin (the “Bulletin”) which details its findings and expectations across the following key areas: Corporate Governance; AML/CFT/FS Business Risk Assessment; Outsourced AML/CFT/FS Activities; and Customer Due Diligence. Please see full Article for more information.
- Updates to the Central Bank’s Pre-Submission Process
On 1 July 2022, the Central Bank provided an update relating to the pre-submission process it has in place for certain Qualifying Investor Alternative Investment Funds (“QIAIFs”). Going forward this process is only required where it is proposed that a QIAIF will invest in: (i) Irish property assets; or (ii) crypto assets. Please see full Publication below for more information.
- Establishing a Business Entity in Ireland (Updated)
I. Introduction - As a common law jurisdiction, Ireland’s legal system is similar to that of the US and the UK and businesses can be carried on in Ireland in several different ways, including as sole traders, partnerships, or companies. Companies - A company is a body formed and registered under the Companies Act 2014, which has legal personality separate and distinct from its shareholders. There are various types of companies, and each has its own distinct advantages and disadvantages. Please see full Chapter below for more information.
- Irish DPC gets go ahead in latest chapter of the saga of Max Schrems and Facebook
On 14 May the Irish High Court handed down its judgment in the judicial review case brought by Facebook Ireland Ltd (FBI) against the Irish Data Protection Commission (DPC), finding substantially in favour of the DPC.
- Stamp duty and affordable housing charges
The Irish government has increased the rate of stamp duty payable on the purchase of residential units (houses and duplexes), where 10 or more such units are acquired by one party (or by one party and a "connected party") over a 12-month period, to 10% from the current rate of 1% on the first €1 million (and 2% on the value in excess of €1 million). In the event that the 10 units are acquired in multiple transactions across a 12-month period, the higher rate of stamp duty will be triggered on the acquisition of the tenth unit and applied retrospectively to the initial nine units.
- EU-U.S. Data Transfers Under Fresh Spotlight Following Irish DPC Ruling
Today saw a key ruling by the Irish High Court which could have wide ranging implications in relation to a range of data use, targeted advertising and data transfers between Europe and the United States. The Irish data protection enforcer, the DPC, had issued a Preliminary Draft Decision (PDD) raising various concerns over the lack of privacy rights of EU citizens when their personal data is transferred to the U.S. for commercial purposes and the basis typically relied upon by businesses, namely, the Standard Contractual Clauses (SCCs)....
- Republic of Labour Law - Irish HR Updates in March
This week in the Republic of Labour Law, we discuss an upcoming change to Parent’s Leave. Currently, Parent’s Leave entitles each parent to two weeks’ leave during the first year of a child’s life, or in the case of adoption, within one year of the placement of the child with the family.
- Ireland Requires Storage of Internet Traffic Data
In one of its last acts in office, the Irish government has finalized legislation that will require ISPs to keep logs of their subscribers’ use of the Web for one year. The information will be available to the police and other government authorities upon request. Ireland’s adoption of the storage...
- A Borrower and a Lender Be! Irish Loan Origination Funds Move a Step Closer
Dechert commented on the Central Bank's Discussion Paper on Loan Origination by Investment Funds in our OnPoint “After AIFMD, the Central Bank turns its attention to loan origination funds” (July 2013)....
- Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles: Ireland
Latest Fund Statistics for Ireland - The latest fund statistics for Ireland, published by the Central Bank of Ireland, show that there are now in excess of 6,000 Irish funds....
- Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles: November 2016 - Issue 9: Ireland
Central Bank launches ORION II platform to authorise all QIAIFs applications - All QIAIFs applications (including ICAVs) will be processed via the CBI’s ORION platform allowing consistency with other legal structures and representing a further move away from paper based applications....
- Investment Funds Update: Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 6, 2017: Ireland
Central Bank Issues FAQ on Brexit - The Central Bank has issued an FAQ document on Brexit, which provides general information to financial services firms who are considering relocating their operations from the UK to Ireland. It also includes some guidance on the Central Bank’s position...
- Irish High Court Refers Schrems 2.0 to the ECJ
On April 11, Justice Caroline Costello of the Irish High Court referred the Schrems 2.0 case to the Court of Justice of the European Union (ECJ) with 11 questions for the ECJ to answer. Per Justice Costello, the sole issue in the case is whether the European Commission’s Decisions regarding...
- 2018 Global Employee Equity at a glance: Ireland
Welcome to the Ireland page of our Global Employee Equity at a glance series. Stock Option Plans: Employment - Labor Concerns - There is a risk of employees claiming that they are entitled to compensation for loss of rights under the Plan where the Plan is amended or discontinued or where...
- A Full House: Proposed Update to Investment Limited Partnership Structure to Further Enhance Ireland’s Alternative Fund Offering
On 20 June, 2019, Ireland’s government released its proposed Investment Limited Partnerships (Amendment) Bill 2019 (the “Bill”) that will update the Investment Limited Partnership (“ILP”) structure....
- No Reward for Good Behaviour: The Central Bank’s approach to enforcement
On 14 November 2019, the Central Bank of Ireland (the “Central Bank”) launched its Administrative Sanctions Guidance (the “Guidance”), accompanied by a key-note speech by Derville Rowland, the Director General of Financial Conduct. The speech and the Guidance mark a continuation of the Central Bank’...
- Biosimilar Buyouts: AbbVie Buyout of Allergan Receives Approval of Irish High Court; Gedeon Richter Buys Tocilizumab Biosimilar
On May 8, 2020, AbbVie announced that it completed its acquisition of Allergan plc, having received approval by the Irish High Court. AbbVie and Allergan had previously announced, on May 5, 2020, that the U.S. Federal Trade Commission accepted the proposed consent order in connection with the...